As the cryptocurrency market, led by Bitcoin (BTC), consolidates its recent gains, many participants in the crypto field are becoming increasingly optimistic about its future movements. Among them are Bobby Lee, founder, and CEO of the crypto wallet company Ballet, who anticipates a thaw in the industry.
Indeed, in an interview with Bloomberg Television broadcast on April 17, Lee discussed Bitcoin trends and the allure of cryptocurrencies as the flagship decentralized finance (DeFi) asset had crossed the psychological threshold of $30,000. He argued that there are visible signs of the crypto winter finally leaving.
According to his explanation, the first digital asset has established a bear-bull chart pattern that has occurred in approximately four-year cycles, and this pattern has been occurring recently:
“We may be emerging from winter and heading toward spring now. It has been quite a while. There are four-year cycles of bull market – bear market for cryptocurrencies. And for a significant portion of last year, the bear market pushed Bitcoin as low as $16,000. And now we have almost fully recovered. It has nearly doubled, recently reaching a peak of $31,000.”
Alternatively, he argues: “In cryptocurrency, the concept of self-custody exists. You can act as your own bank and hold assets without incurring third-party or counterparty risk. And this is what makes cryptocurrencies like Bitcoin so extraordinary.”
Lee believes that cryptocurrencies should be regarded as a secure refuge due to their divergence from conventional finance.
Also Read: Expert Predicts Upcoming Bitcoin Price Movement as Accumulation Continues
